Wynn Resorts has announced the timeline for the completion of its first casino resort in the UAE
The resort and casino's infrastructure will feature 1,542 hotel rooms and over 22 restaurants. The construction is taking place on a 138,400-square-meter site owned by Al Marjan Island LCC. The project aligns with the Ras Al Khaimah Tourism Development Authority's goal of attracting more than 3.5 million visitors to the emirate by 2030, which includes a significant expansion of hotel and resort properties.
The total investment in the project is estimated at $3.9 billion (approximately 325.9 billion rubles). The American corporation Wynn Resorts, which holds a 40% stake in the project, along with local partners, has already secured full financing. The resort and casino are expected to have a substantial positive impact on the emirate's economy, stimulating the growth of related businesses and residential real estate.
Recruitment for the future complex has already begun. As of September, 78 positions had been opened, with plans to employ around 300 people by the end of the year.
According to the latest information, Wynn Resorts will receive an exclusive 15-year casino license with the option to renew. The projected annual gross revenue from gaming activities is expected to be no less than $1.33 billion (approximately 111.1 billion rubles). Additionally, the company and its partners have already reached an agreement to develop a second integrated resort with a casino in Ras Al Khaimah.
Notably, JP Morgan is optimistic about Wynn Resorts' prospects in the UAE, citing its status as a pioneer in the market and the favorable tax environment.
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